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The Venture Codex

Krungsri Finnovate

Krungsri Ploenchit Tower, 550 Ploenchit Road, Lumphini, Pathumwan, Bangkok, 10330, Thailand

Overview

Krungsri Finnovate’s core mission is to provide comprehensive strategic investments with a focus on helping startups achieve their goals through corporate venture capital; strategic partnerships that yield concrete outcomes as a result of cooperation amongst the relevant business units of the Bank and supporting the ecosystem of startups in order to promote sustainable growth for the startups’ businesses. We have established a fund with venture capital of USD150 million, and aim to enhance the ecosystem of startups located both domestically and internationally. Our goal is to promote the sustainable growth of startups that are related to our businesses or customers. We collaborate with them to develop innovative financial solutions and ultimately encourage them to become Unicorn startups.

Total investments
9
Lead investments
2
Investments · 12mo
2
Active investors
4

Sector focus

  • Big Data
  • Blockchain
  • Cyber Security
  • Financial Services
  • FinTech
  • InsurTech
  • Venture Capital
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Investment portfolio

  • Whale

    Participated · Series C · Jul 2026

    Whale builds an AI Operating System (AIOS) for enterprise operations based on its proprietary Business World Model (BWM), which interprets camera, sensor, and audio signals similar to how LLMs process text. Its product suite includes SpaceSight (physical space intelligence), Echo (voice and audio intelligence), Lume (content distribution), Alivia (workflow automation and intelligent agents), Harbor (knowledge management and compliance), and Novus (AI infrastructure and governance). Whale serves more than 1,600 enterprises in 45+ countries and manages over 600,000 edge AI nodes globally across industries including retail, automotive, F&B, manufacturing, and financial services. Headquartered in Singapore, the company is scaling deployments across North America and APAC with plans for MENA and Europe. Whale recently raised a Series C round that now totals $100 million, which it says will fund global expansion, team growth, deeper partnerships, and expanded platform integrations.

  • Sleek EV

    Participated · Series A · Feb 2026

    Sleek EV is an IoT-enabled electric motorcycle manufacturer focused on urban mobility and vehicle electrification. Headquartered in Singapore with operations in Thailand, the company integrates hardware, software and charging solutions to support the shift toward sustainable transportation. Its product ecosystem couples electric scooters with the proprietary S-Charge battery-swapping network and accompanying software layer. Fresh capital will fund an expanded production facility in Thailand’s Eastern Economic Corridor, accelerate R&D in software and artificial intelligence, and boost the S-Charge network by more than seven-fold. Sleek EV is also forging deeper collaborations with partners such as PTT OR, Krungsri Auto, Toyota Tsusho and Grab while developing new relationships with dealers and regulators to set industry standards. Long-term, the firm seeks to build a full-stack electric motorcycle ecosystem spanning manufacturing, charging infrastructure and software services. CEO and co-founder Kantinan Tunveenukoon aims for Sleek EV to become Thailand’s leading electric motorcycle brand by the end of 2026. The recent US$8.5 million Series A tranche provides critical resources to execute this expansion.

  • Ascend Money

    Participated · Equity · Jun 2024

    Ascend Money operates TrueMoney, a digital financial services platform offering e-payments, lending, BNPL, investment and insurance across seven Southeast Asian countries. The company positions itself as Thailand's largest digital financial services provider and became the country’s first fintech unicorn in 2021. TrueMoney serves a broad customer base through an extensive agent network, online and offline merchant partnerships, and reports 30 million active users in Thailand. Ascend Money is part of Ascend Group and is majority‑owned by C.P. Group. The company has stated plans to accelerate inclusive financial services for underserved consumers and SMEs to foster equitable economic growth in Thailand and the region. The recent capital injection is intended to support that expansion and further digital transformation. Ascend Money operates TrueMoney Wallet, a digital payments and financial-services platform that serves more than 50 million users and is supported by about 88,000 TrueMoney agents. The company has a regional presence across six Southeast Asian countries: Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam. Ascend plans to use new funding to grow the TrueMoney Wallet user base and to expand digital lending, digital investment and cross-border remittances across the region. The platform is positioned around digital payments and broader financial services delivered via its e-wallet and agent network. Ascend was founded in 2013 by Chairman Suphachai Chearavanont and is co-led by Co-Presidents Monsinee Nakapanant and Tanyapong Thamavaranukupt.

  • KLOOK

    Participated · Equity · Dec 2023

    Klook operates a marketplace for curated travel experiences and local services, offering attractions, tours, transport, and experiential stays in over 2,700 destinations. The company emphasizes quality curation across a wide range of activities from museums to adventure sports. Klook plans to use newly secured capital to accelerate expansion across Asia Pacific and capture next-generation, experience-driven travelers. It is expanding an AI partnership with Google Cloud to improve customer experience, merchant operations, and internal productivity. Klook is also pursuing digital transformation initiatives with regional tourism boards, including an agreement with the Philippine Department of Tourism. The company reported a decade of operations since its 2014 founding and highlights its economic impact—facilitating millions of travel moments, contributing US$7.2 billion in GDP and supporting over 219,000 jobs in Asia Pacific. Klook operates a platform for experiences and travel services, curating attractions, tours, local transport and experiential stays in over 2,300 destinations globally. Founded in 2014 and led by Eric Gnock Fah, Ethan Lin and Bernie Xiong, the company serves leisure travelers seeking bookable experiences. Klook recently raised US$210M and secured additional bank facilities to support growth. The company plans to use the funds to expand product offerings such as city passes to improve traveler convenience and savings. It will scale social and digital marketing through the Klook Kreator program to drive conversions via authentic user-generated content. Klook is also advancing innovation through continuous AI integration, including a collaboration with Google Cloud to deploy Generative AI for automated translations, content generation and a customer-service chatbot. Klook enables mostly Asia-based users to book activities in overseas destinations and its SaaS powers millions of bookings for more than 2,500 merchants worldwide. Founded in 2014 and based in Hong Kong, the company pivoted during the COVID-19 pandemic toward staycations and a software-as-a-service product suite for local activity merchants, including ticketing, distribution, inventory management and marketing. At the height of the pandemic Klook onboarded 150% more activities compared to the same period in 2019 and bookings subsequently rebounded in markets where restrictions eased. The company reached profitability in a number of markets by July while overall remaining in an aggressive expansion mode. Klook exceeded a $1 billion valuation in 2018 and currently has no plans to go public. With proceeds from the new investment it will continue developing and rolling out its merchant SaaS solutions as domestic tourism recovers and international travel gradually returns. Klook operates a mobile-first marketplace for travel activities and services, offering bookings for attractions, tours, transport and local experiences. The company says it hosts 100,000 activities across more than 270 destinations and employs over 1,000 staff with 20 offices worldwide. Klook was founded in 2014 and has previously raised significant funding, including a $200M Series D announced eight months earlier. Management plans to use new capital to accelerate growth in Western markets and to expand efforts in Japan ahead of the 2020 Summer Olympics, with an emphasis on improving supply and demand dynamics on the platform. Klook has discussed strategic partnerships within SoftBank’s ecosystem to pursue synergies with companies such as Grab, OYO, Coupang and Tokopedia. The company has signaled it is delaying any fixed IPO timetable despite prior candidness about a potential public listing. Klook is a Hong Kong-based travel activity booking platform founded in 2014 by Ethan Lin, Eric Gnock Fah and Bernie Xiong. The company operates a website and app that lets travellers book experiences such as attractions, food, activities and local transportation. Its platform offers more than 50,000 activities and services through 5,000 industry partners across 200+ destinations worldwide. Travellers can pay in their home currency and receive tickets on their phones. Klook reported $1 billion in gross bookings in 2018 and has raised $300m in total financing to date. The company plans to use new funding to launch its in-destination travel services booking platform in the US and Europe, expand offices in London and Amsterdam, and open future offices in the US.

  • Forward

    Participated · Seed · Sep 2022

    Forward is a Bangkok, Thailand–based digital asset and blockchain startup focused on protocol development for decentralized derivative exchange and DeFi platforms. The company is developing a newly invented protocol for decentralized derivative trading that matches short and long positions using an advanced mechanism called Automated Position Hedger (APH). Forward is building Forward DDEX to act as a counterparty that instantly matches users’ long and short perpetual futures orders. The product emphasis is on automated matching and hedging within decentralized derivatives markets. Leadership includes Co-founder and CEO Chanon Charatsuttikul and Co-founder and Advisor Asst. Prof. Dr. Udomsak Rakwongwan. Financially, the company closed a USD 5M seed funding round in which institutional strategic VCs participated. Forward is a Thai-based DeFi platform offering a decentralized derivatives exchange, lending and borrowing pools (LBPs), and NFT-for-trading functionality on an EVM-compatible chain. The company is described as being backed by Genesis Block Ventures Capital and is now valued at $50 million. Forward’s leadership says the investment expands its global network and moves it toward becoming a leading Thai tech company. The recent investment from Zipmex Labs is intended to increase Forward’s operational potential and support further development in decentralized finance. The article does not disclose specific revenue or user metrics.

Team

  • Sam Tanskul

    Managing Director

    LinkedIn
  • Palida Artispong

    Strategic Partnership Lead

    LinkedIn
  • Praphasiri Atthachin

    Head of Venture Builder and Ecosystem

    LinkedIn
  • Luksamon Taechasirivichai

    Venture Builder and Ecosystem Manager